📚 Year 11 Edexcel Economics Key Terms Quick-Memorisation Guide | 爱德思 Year 11 经济学词汇术语速记指南
Memorising economic terminology doesn't have to be a chore. By linking terms to simple stories, visual cues, and mini‑case examples, you can turn abstract definitions into lasting knowledge. This guide walks you through the most frequently examined terms in the Year 11 Edexcel Economics specification, organised into logical clusters that mirror the way economists think.
背诵经济学术语不必枯燥无味。通过将术语与简单故事、视觉线索和微型案例联系起来，你能把抽象的定义转化为持久的知识。本指南带你梳理爱德思 Year 11 经济学考纲中最常考到的术语，并按照经济学家的思维方式进行逻辑分组。
1. The Basic Economic Problem & Scarcity | 基本经济问题与稀缺性
The foundation of all economics lies in the idea that resources are limited, but human wants are unlimited. Scarcity means there are not enough resources to satisfy every desire, forcing individuals, firms, and governments to make choices. Every choice involves an opportunity cost: the value of the next best alternative forgone.
经济学的基础在于资源有限而人的欲望无限这一概念。稀缺性 是指没有足够的资源来满足所有欲望，这迫使个人、企业和政府做出选择。每一个选择都涉及机会成本：即所放弃的次优选择的价值。
- Needs are essentials for survival, such as food and shelter, while wants are everything else that makes life more comfortable.
- 需求 是生存必需品，如食物和住所，而欲望 是让生活更舒适的其他一切。
- To visualise this, picture a student with one hour left before an exam: spending it on social media carries an opportunity cost of lost revision time and potentially a lower grade.
- 为了形象化这一点，设想一个考生在考前只剩下一个小时：把时间花在社交媒体上，其机会成本就是失去复习时间，可能得到较低的分数。
2. Factors of Production | 生产要素
Resources used to produce goods and services are categorised into four factors of production. Land covers all natural resources; labour is human effort; capital refers to man‑made tools and machinery; and enterprise is the risk‑taking ability that brings the other three factors together.
用于生产商品和服务的资源分为四种生产要素。土地涵盖所有自然资源；劳动是人的努力；资本指人造的工具和机械；而企业精神是将其他三种要素组合起来的风险承担能力。
- The reward for land is rent, for labour it is wages, for capital it is interest, and for enterprise it is profit.
- 土地的报酬是租金，劳动的报酬是工资，资本的报酬是利息，企业精神的报酬是利润。
- Use the mnemonic CELL (Capital, Enterprise, Land, Labour) to recall all four factors quickly. The rewards spell out RWIP (Rent, Wages, Interest, Profit).
- 用助记符 CELL（资本、企业精神、土地、劳动）来快速回忆这四种要素。报酬拼作 RWIP（租金、工资、利息、利润）。
3. Production Possibility Curves & Economic Growth | 生产可能性曲线与经济增长
A production possibility curve (PPC) shows the maximum possible output combinations of two goods an economy can produce when all resources are fully and efficiently employed. Points inside the curve indicate underemployment of resources; points outside are unattainable without economic growth.
生产可能性曲线（PPC） 展示了一个经济体在资源被充分利用且高效配置时，能生产的两种商品的最大产出组合。曲线内的点表示资源未充分就业；曲线外的点在没有经济增长的情况下无法达到。
- Economic growth is represented by an outward shift of the PPC, caused by an increase in the quantity or quality of resources, or technological progress.
- 经济增长 表现为 PPC 向外移动，这源于资源数量或质量的提升，或者技术进步。
- Remember that moving along the curve illustrates the concept of opportunity cost: to produce more of Good A, we must sacrifice some of Good B.
- 记住，沿着曲线移动说明了机会成本的概念：要生产更多 A 商品，就必须牺牲一部分 B 商品。
4. Demand & The Demand Curve | 需求与需求曲线
Demand is the quantity of a good or service that consumers are willing and able to buy at a given price over a period of time. The law of demand states that as price falls, quantity demanded rises, ceteris paribus (all other factors held constant). This relationship is shown by a downward‑sloping demand curve.
需求 是指在特定时间内，消费者在给定价格下愿意并且能够购买的商品或服务的数量。需求定律指出，在其他条件不变的情况下，价格下降，需求量上升。这种关系表现为一条向下倾斜的需求曲线。
- A movement along the demand curve occurs only when price changes. A shift of the entire curve is caused by changes in factors like income, tastes, price of substitutes or complements, and advertising.
- 仅在价格变化时，需求曲线上的点才会移动。整条曲线的移动则是由收入、偏好、替代品或互补品价格、广告等因素的变化引起的。
- Use the mnemonic PASIFIC for demand shifters: Population, Advertising, Substitutes (price of), Income, Fashion/tastes, Interest rates (for expensive items bought on credit), Complements (price of).
- 用助记符 PASIFIC 记忆需求移动因素：人口、广告、替代品价格、收入、时尚/口味、利率（对于信贷购买的大件商品）、互补品价格。
5. Supply & The Supply Curve | 供给与供给曲线
Supply is the quantity of a good or service that producers are willing and able to offer for sale at a given price over a period of time. The law of supply tells us that as price rises, quantity supplied rises, ceteris paribus, resulting in an upward‑sloping supply curve.
供给 是指生产者在特定时间内，在给定价格下愿意并且能够出售的商品或服务的数量。供给定律告诉我们，在其他条件不变的情况下，价格上升，供给量上升，形成一条向上倾斜的供给曲线。
- A change in price causes a movement along the supply curve. A shift of the supply curve is driven by changes in costs of production, technology, taxes and subsidies, number of suppliers, and external shocks such as weather.
- 价格变化引起供给曲线上的移动。供给曲线的移动是由生产成本、技术、税收与补贴、供应商数量以及天气等外部冲击的变化驱动的。
- Recall the mnemonic PINTS WC: Productivity, Indirect taxes, Number of firms, Technology, Subsidies, Weather, Costs of production.
- 用助记符 PINTS WC 记忆：生产率、间接税、企业数量、技术、补贴、天气、生产成本。
6. Market Equilibrium & Disequilibrium | 市场均衡与非均衡
When the demand and supply curves intersect, we have market equilibrium – the price at which quantity demanded equals quantity supplied, leaving no tendency for change. At any price above equilibrium, there is excess supply (a surplus); at a price below equilibrium, we see excess demand (a shortage).
当需求曲线与供给曲线相交时，我们得到市场均衡——需求量等于供给量的价格，此时没有改变的倾向。任何高于均衡价格的价格都会导致超额供给（过剩）；低于均衡价格的价格则出现超额需求（短缺）。
- In a free market, these imbalances are self‑correcting: a surplus pushes prices down, while a shortage pulls prices up until equilibrium is restored.
- 在自由市场中，这些不平衡会自我修正：过剩压低价格，短缺推高价格，直至恢复均衡。
- To apply this, sketch a quick supply‑demand diagram and label the equilibrium point as E (Pe, Qe). Practice shifting either curve and identifying the new equilibrium to master comparative statics.
- 为了应用这一点，快速画一个供需图，将均衡点标为 E（Pe, Qe）。练习移动任一条曲线并找出新的均衡，以掌握比较静态分析。
7. Price Elasticity of Demand (PED) | 需求的价格弹性
Price elasticity of demand (PED) measures the responsiveness of quantity demanded to a change in price. It is calculated using the formula:
需求的价格弹性（PED） 衡量需求量对价格变化的反应程度。其计算公式为：
PED = %Δ Quantity Demanded ÷ %Δ Price
- If PED > 1, demand is elastic (responsive). If PED < 1, it is inelastic , perfectly inelastic; PED = ∞, perfectly elastic. Unitary elasticity occurs when PED = 1.
- 若 PED > 1，需求是富有弹性的（反应灵敏）；PED < 1 则为缺乏弹性；PED = 0 为完全无弹性；PED = ∞ 为完全弹性；PED = 1 时为单位弹性。
- The relevance for business is immediate: lowering price on an elastic good boosts total revenue, while doing so on an inelastic good reduces revenue.
- 对企业有直接意义：降低富有弹性商品的价格会增加总收入，而对缺乏弹性商品降价则会减少收入。
- To remember the formula, think: "Price change first gets the numerator, but Quantity response takes the lead." Actually, it is %ΔQd over %ΔP – the word "Quantity" comes first in the acronym PED.
- 记忆公式的口诀：先写数量百分比变化，再除以价格百分比变化。“量”在“价”前面。
8. Price Elasticity of Supply (PES) | 供给的价格弹性
Price elasticity of supply (PES) captures how quickly producers can adjust output when market price changes. It is computed as:
供给的价格弹性（PES） 反映了当市场价格变化时，生产者能多快调整产量。计算公式为：
PES = %Δ Quantity Supplied ÷ %Δ Price
- In the short run, supply tends to be inelastic because firms face capacity constraints. In the long run, it becomes more elastic as they can expand factories or enter new markets.
- 短期中，供给往往缺乏弹性，因为企业面临产能约束。长期中，随着企业能扩建工厂或进入新市场，供给会变得更富有弹性。
- The main factors influencing PES are production time, stock levels, spare capacity, and the ease of switching production between goods.
- 影响 PES 的主要因素有生产时间、库存水平、闲置产能以及在不同产品间转换生产的难易程度。
9. Externalities & Market Failure | 外部性与市场失灵
Market failure occurs when the free market fails to allocate resources efficiently. One major cause is externalities – spillover effects on third parties who are not part of the transaction. These can be negative (e.g., pollution) or positive (e.g., education benefits to society).
市场失灵 发生在自由市场未能有效配置资源时。一个主要原因是外部性——对未参与交易的第三方产生的溢出效应。这些影响可能是负面的（如污染），也可能是正面的（如教育给社会带来的益处）。
- When negative production externalities exist, the social cost exceeds the private cost, leading to overproduction. A diagram shows the marginal social cost (MSC) curve lying above the marginal private cost (MPC) curve, with the gap representing the external cost.
- 当存在负生产外部性时，社会成本 超过私人成本，导致过度生产。图示中边际社会成本 (MSC) 曲线位于边际私人成本 (MPC) 曲线上方，二者差距代表外部成本。
- Government intervention to correct negative externalities includes indirect taxation, regulation, tradable permits, and education campaigns. These aim to internalise the externality.
- 政府纠正负外部性的干预措施包括间接税、法规、可交易许可证和教育宣传，目的是将外部性内部化。
10. Macroeconomics: GDP, Inflation & Unemployment | 宏观经济学：GDP、通货膨胀与失业
Shifting to macroeconomics, Gross Domestic Product (GDP) measures the total value of goods and services produced within a country over a period. It is a key indicator of economic activity. Inflation is a sustained rise in the general price level, commonly tracked by the Consumer Price Index (CPI).
转向宏观经济学，国内生产总值（GDP） 衡量一国在一定时期内生产的商品和服务的总价值，是经济活动的关键指标。通货膨胀 是总体价格水平的持续上升，通常通过消费者价格指数（CPI） 来追踪。
- Unemployment refers to those actively seeking work but unable to find it. The unemployment rate is calculated as the number of unemployed divided by the labour force, multiplied by 100.
- 失业 指那些积极寻找工作但未能找到的人。失业率 计算方式为失业人数除以劳动力总数，再乘以 100。
- To link these terms, imagine the trade‑off illustrated by the Phillips Curve: low unemployment is often associated with higher inflation in the short run, though the relationship is more complex in reality.
- 为了联系这些术语，想象菲利普斯曲线所展示的权衡：短期中低失业率常伴随较高的通胀，尽管现实中这种关系更为复杂。
11. Fiscal & Monetary Policy | 财政政策与货币政策
Governments use fiscal policy – changes in taxation and government spending – to influence the economy. A budget deficit occurs when spending exceeds tax revenue; a budget surplus is the opposite. Monetary policy, managed by a central bank, involves adjusting interest rates or the money supply to stabilise prices and support growth.
政府运用财政政策——税收和政府支出的变化——来影响经济。当支出超过税收收入时，出现预算赤字；预算盈余则相反。由中央银行管理的货币政策涉及调整利率或货币供应量，以稳定物价并支持增长。
- Expansionary fiscal policy (lower taxes, higher spending) aims to boost aggregate demand during a recession, while contractionary fiscal policy does the opposite to cool an overheating economy.
- 扩张性财政政策（减税、增支）旨在衰退期间刺激总需求，而紧缩性财政政策则相反，用于给过热的经济降温。
- For monetary policy, the Bank of England's target is to keep inflation at 2% CPI. Changing the Bank Rate influences borrowing and saving, thereby affecting consumption and investment.
- 就货币政策而言，英格兰银行的目标 是将 CPI 通胀保持在 2%。改变基准利率会影响借贷和储蓄，从而影响消费和投资。
12. International Trade & Exchange Rates | 国际贸易与汇率
Globalisation refers to the increasing integration of economies worldwide. Exports are goods sold to other countries, imports are goods bought from abroad. The difference is the balance of trade. Exchange rates determine the price of one currency in terms of another.
全球化 指世界经济体日益融合的现象。出口 是卖给其他国家的商品，进口 是从国外购买的商品，二者之差构成贸易差额。汇率 决定了一种货币以另一种货币表示的价格。
- If the pound appreciates, exports become more expensive and imports cheaper, which may worsen the trade balance. Depreciation has the reverse effect.
- 英镑升值会使出口更贵、进口更便宜，可能恶化贸易差额。贬值则产生相反效果。
- Key terms include free trade agreements, tariffs (taxes on imports), quotas (limits on import quantities), and protectionism. These are often debated in the context of the UK's post‑Brexit trade relationships.
- 关键术语包括自由贸易协定、关税（对进口征税）、配额（对进口数量的限制）和保护主义。这些术语常在英国脱欧后贸易关系的背景下被讨论。
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